Nearby French wheat prices fell last week, but started to recover this week. The March price fell from €233/t to €226.75/t last week, but climbed to €231.25/t on Tuesday evening before starting to drop on Wednesday 22 January.
Nearby French wheat prices fell last week, but started to recover this week.
The March price fell from €233/t to €226.75/t last week, but climbed to €231.25/t on Tuesday evening before starting to drop on Wednesday 22 January.
The December price, which relates more to the price paid to Irish farmers at harvest, did not drop to the same extent and closed on Tuesday of this week at €234.50/t before dropping slightly on Wednesday.
French maize prices were up and down in the last few days, but fairly stable.
US wheat and maize prices have increased significantly in the last few days. For example, Chicago Board of Trade wheat for March was at 529.25c/bu on 8 January and on Wednesday afternoon this week that was at 559c/bu.
The March maize price went from 450.75c/bu on 8 January to 488.75c/bu on Wednesday afternoon.
Looking at the markets and maize is holding strong, as stocks look like they could be at low levels this year.
Over the last few weeks, we have mentioned dry weather in Argentina. This week, Argentina’s Rosario grain exchange was reported to reduce its corn estimate from 50m or 51m tonnes to 48m tonnes.
Agritel reported that markets were “lively” on Tuesday, as there were no immediate taxes placed on imports of different products into the US by new US President Donald Trump.
Agritel also reported that the US ethanol industry welcomed the relaunch of the production of gasoline cars in the US and the possibility of using 15% ethanol fuel in these cars.
Ethanol is produced from maize, so more maize could enter that market and that demand could help to strengthen grain prices.
Beans
Dairygold announced a minimum beans price of €240/t at 20% moisture content at its annual tillage conference last Friday.
Farmers must purchase seed and sign up to the offer to avail of the price.
The grower is then guaranteed to be paid that price at harvest or if the market moves up, the grower will be paid the higher price.
Bonus
Dairygold announced last week that it will pay a €3/t year-end bonus to its grain suppliers, which will be paid on grain delivered in harvest 2024. It will not be paid on contract malting barley or beans.
Northern Ireland
The Agriculture and Horticulture Development Board reported an increase of £3/t since the previous week for spot barley to £203/t on Friday 17 January. Spot wheat was at £217.50/t. This was a 50p/t increase on the week before.
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